What's so special about M—?


OK, got wait listed, the bright salmon card arrived, topped it up, used it, and … so what? I’ve had a Cashplus card for years, it does everything M— does and a whole lot more.

I’m just not getting what the fuss is about, have I missed something?!!

(Jon Farquharson) #2

Cashplus is a prepaid card. That’s it.

Mondo is a fully fledged bank in the making, giving people a chance to try, and see how it might work when it becomes a bank. To have input on how things will evolve while trying it with a prepaid card. That’s pretty cool…

It’s no Cashplus :scream: :joy:


“… in the making…” OK, that explains it !

I also seem to recall that Cashplus is a bank or at least holds a banking licence as I received a notice a long while back that the FSCS covers sums deposited with them up to £75,000. You can certainly have your salary paid directly to your card, set up direct debits, get an overdraft, etc.

( related to Monzo CEO, Investor in Monzo ) #4

maybe this separates it from Mondo ?

Cashplus - T and C s -

Overdraft amount: £100 for 12 months, 0% interest, 75p per day flat usage fee, capped at £10 per monthly statement period, plus an annual fee of £20. Total amount payable: £240. Representative 230% APR. - 230% seems a bit excessive ?
£6 to get a card
£2 for ATM withdrawals in UK - £3 in non UK
or 2.99% foreign transaction fees - which is slightly less than my Lloyds debit card - because they also charge me £1 per transaction + the 2.99%

its like comparing apples and oranges

  • I use Mondo abroad quite a bit with absolutely no fees and the master card rate - if they change this, that is something I will consider and maybe use my Halifax clarity card with no fees and master card rates - 2.99% on every transaction is just like any other bank


but if you are happy with Cashplus charges - thats your choice , Mondo at the moment aren’t charging these fees - in the future who knows :wink:

(Jon Farquharson) #5

Cashplus may hold a banking license, but it’s not a current account, they don’t have savings accounts or mortgages or any other normally expected products and services you would expect a bank to provide. While you can have your salary paid in with recurring transactions etc, it’s not something that is aspiring to be an actual bank.

I have one myself although I stopped using it a while ago…

It may not seem much at the moment, but watch this space, have your say about how you think it should serve you in the future, and hopefully it’ll be something worth having moving forward :grinning:


Sure, I certainly wouldn’t pay that for an overdraft but then I imagine most people would only use it occasionally when they don’t have time to top up their cards, so 75p a day for a few days is probably a good deal for them, maybe?

I’m not here to promote Cashplus, but in their defence, you also get purchase protection, cashback, additional cards and free $ and € cards along with the ability to top up using cash at any Post Office.

For foreign ATM and bank cashier withdrawals, I use a Nationwide card. I also have half-a-dozen or so pre-paid cards, which I use for travel. I just wanted to see why M— was different. OK, it isn’t at the mo. maybe it will be a lot more interesting later on.

For me, the biggest issue with M— is that until they have a banking licence, I wouldn’t be willing to deposit large sums on their card, as there’s no FSCS protection.


Absolutely. However, I do think M— are failing to get that message across, otherwise I wouldn’t be here wondering exactly what the difference is to every other pre-paid card I own, would I?!! :slight_smile:

( related to Monzo CEO, Investor in Monzo ) #8

but Nationwide has a fee for non sterling transactions as well - http://www.nationwide.co.uk/support/travel/fees-charges - and if you are fine with paying this - no problem - but some of the things already mentioned do make Mondo stand out from the crowd - I have had values of a couple of thousand on my card with no problems at all - so far - :wink:


I have a Flexplus account. :wink:

( related to Monzo CEO, Investor in Monzo ) #10

so you pay 99p for every transaction in the Uk ? and £9.95 for your card ? - don’t get me wrong , if you are happy with that , that is up to you , but you asked originally what was different with a Mondo card - with the thousands on a card - I topped up about 1 minute before I paid a hotel bill it didn’t live on the card for long :wink:


Kudos, you’re willing to take the risk, I certainly wouldn’t hold thousands on a M— card until they have a banking licence and offer FSCS protection. You do realise, if they go bust, you could lose your money?

No, Flexplus is the free Nationwide option that provides additional benefits if you hold £2,500 (?) in your account. It includes free overseas ATM and bank cashier transactions.

( related to Monzo CEO, Investor in Monzo ) #12

Yep I will take the risk of having a top up on my card for 1 minute before I use it- and yes of course I realise its at risk - although Mondo have guaranteed it , but Kudos to you too - I don’t really want to hold 2.5K in their bank to get all these “benefits” - you asked what made Mondo different - - as I said originally its like comparing apple and oranges - if you are happy with your cards - great


OK, that’s a wildly different scenario to mine, I usually top up my cards before I travel, so funds often stay on my cards for anything up to 90 days at a time, sometimes longer.

Nationwide pays 3% on that £2,500, so along with the benefits including travel insurance, it’s not such a bad deal. :slight_smile:

( related to Monzo CEO, Investor in Monzo ) #14

3% on the 2.5K - true thats great - do you have to pay a £10 a month fee for this ? - I only top up my card when I want to use it - if I lose the card I can freeze


Yup, we’re using our cards very differently. I top up mine with £500 each, £2,000+ on the Cashplus one, and then use them when travelling without worrying if they’re lost, stolen or cloned. I only use my Nationwide debit card inside banks, to withdraw cash from ATMs or from the cashiers. I love the “pause” on M— it’s a great feature! :slight_smile:


I don’t but I’m not sure what I qualify under as I’ve had the account for many years. :slight_smile:

( related to Monzo CEO, Investor in Monzo ) #17

yes we do - and the pause card in my view is worth quite a lot as a function - 3% on your £2.5K is £75 - which costs normal users £120 / year - if you use the insurance provided for this payment its a good deal if you don’t use it it costs you £45 for your account , before the 2% foreign transaction fee - All banks small prints seem to be the money making smoke and mirrors bit


Not sure where you’re getting the 2% foreign transaction fee, Flexplus doesn’t have any, which is why I have it!! :slight_smile:

( related to Monzo CEO, Investor in Monzo ) #19

its on the rates and charges for non sterling foreign transaction on this link http://www.nationwide.co.uk/products/current-accounts/flexplus/rates-fees-overdrafts#tab:Ratesfeesandampoverdrafts on the Other Charges and fees - highlighted interest rates and charges section half way down the page


Nah. http://d.pr/i/1k6iV+